I've started cutting melamine closet parts for a local installer. When I through-drill my 5mm holes (for dividers, etc) I get some chip-out and even a little bulge on the back side.

I'm using a brand-new 5mm brad point bit from US Router Tools (with the 1/4" shank for the PC router). It runs at the minimum (~12,000) RPM at 60 vertical IPM. It cuts about .01" into the spoil board. A clean spoil board helps but we're still getting more chip than we want (i.e., more than none).

I have gotten 5mm 2+2 compression tools from Centurion tools in the past.
They have a .25 shank.
I used them a lot with my old cnc because it wasn't ATC.
I could drill shelf pins cut dados and cut out cab boxes with no tool change.